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Sec 194 Q and sec 206C(1H)
Dear experts, my query is A is a seller he started business FY 22-23. Business begins from JULY 22. A turnover up Nov around 8 lakhs. Mr. A sold goods to Mr. B exceeds 1 crore. But Mr.B turnover not exceeds 10 crore preceeding FY 21-22. Mr.B turnover exceeds 10 crore for current FY 22-23. In this scenario TDS and TCS applicable or not. pls advice me.
Replies (6)
Quick Summary
Not applicable
In case buyer exceeds the turnover preceding FY 10 crore. but seller turnover not exceeds preceeding FY 10 crore. 194Q is applicable on buyer Deduct TDS? pls tell me.
Yes irrespective of seller turnover buyer deduct tds if his turnover crosses 10 crores previous year
THERE ARE OTHER DETAILS REQUIRED WHICH IS REALLY ESSENTIAL.
WHAT ARE THE OTHER DETAILS PLEASE EXPLAIN
| Originally posted by : Ataur Rehman | ||
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In case buyer exceeds the turnover preceding FY 10 crore. but seller turnover not exceeds preceeding FY 10 crore. 194Q is applicable on buyer Deduct TDS? pls tell me. Yes in that case buyer needs to deduct tds under section 194Q of the Act. |
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